Paxos’ USDG stablecoin (cryptocurrency pegged to a currency) recorded $21.8 billion in Uniswap trading volume during September, accounting for 98% of its decentralized exchange activity. With roughly $3.2 billion in circulation, the token turned over nearly seven times its supply on one DEX (decentralized exchange). The surge followed Uniswap’s September 10 launch of StablePair Hook, a Uniswap v4 feature that enables dynamic fees for pairs such as USDC/USDG on Ethereum. USDG has more than $600 million in total value locked across DEX pools, supporting liquidity for the reported trading activity while the token remained close to its dollar peg. Launched by Paxos Digital Singapore in November 2024, USDG is backed 1:1 by liquid U.S. dollar assets and regulated by Singapore’s Monetary Authority. Its Global Dollar Network had grown to more than 150 partners by mid-2026, including Robinhood and Kraken, while USDG expanded across Ethereum, Solana, Robinhood Chain, X Layer and Mantle. USDG pairs represented roughly 31% of Uniswap’s more than $70 billion in total monthly DEX activity during September. The episode highlights how technical integration with DeFi (decentralized finance) infrastructure can influence stablecoin activity alongside market size. No significant expert evaluations or market valuation discrepancies were reported during the spike, indicating stable performance for USDG.